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AUDUSD TECHS: Fresh Trend Low

AUDUSD TECHS
  • RES 4: 0.6762 High Oct 9   
  • RES 3: 0.6733 High Oct 13             
  • RES 2: 0.6591/88 50-day EMA / High Nov 7 and a reversal trigger  
  • RES 1: 0.6523/50 20-day EMA / High Nov 25
  • PRICE: 0.6434 @ 17:07 GMT Dec 04
  • SUP 1: 0.6399 Low Dec 04
  • SUP 3: 0.6350 Low Aug 5 and a key support 
  • SUP 3: 0.6339 Low Nov 10 2023 
  • SUP 4: 0.6259 1.000 proj of the Sep 30 - Nov 6 - 7 price swing 

The trend condition in AUDUSD remains bearish and Wednesday’s fresh cycle low reinforces current conditions, marking a resumption of the downtrend. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend. Scope is seen for a move towards 0.6350, the Aug 5 low and the next key support. Initial firm resistance to watch is 0.6523, the 20-day EMA. 

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